Woolworths takes fifth place in Australian “Best Brands” list
Interbrand, a world leading brand consultancy, this week announced the twenty ‘Best Australian Brands’, with Telstra and Commonwealth Bank being named as having Australia’s highest brand values, while Woolworths was the only company in the food industry to make the list.The Australian Best Brands Report provides a ranking that is an indication of the value a brand holds not only economically, but also in the connection it holds with Australian consumers, according to Interbrand.
“Interbrand’s Best Brands Report has become a global barometer for measuring the value companies are generating in building and managing their brand. Telstra and the Commonwealth Bank are great examples of Australian brands that have a strong connection with consumers and relevant business offerings,” Damian Borchok, Interbrand Australia managing director, said.An important criterion of Interbrand’s evaluation of brand value was the successful strategies put in place by companies to ensure continued success in the downturn. This was likely seen as a positive for Australia’s largest supermarket operator, Woolworths, who claimed fifth spot after continuing to deliver strong growth of around 10 per cent.
“The ability to create business opportunities in the economic turndown is a representation of a strong brand. One strategy to help growth in the current economic climate is for brands to look for business opportunities globally,” Mr Borchok advised. “Many of the Australian brands featured in the rankings are aggressively seeking to expand away from Australian shores into larger and more lucrative overseas markets.”
“The top twenty Best Australian Brands includes a range of companies from financial institutions to retail stores and it is great to see the strength of the Australian business landscape even in times of economic instability,” Jez Frampton, Interbrand’s Group Chief Executive, added. “The increasing complexities of the global economy only reinforce the importance of protecting and growing a brand. It is a company’s most valuable asset – and a far less volatile asset than others during a time of economic uncertainty.”